SHAREHOLDER ALERT: Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From Investment in Pier 1 Imports, Inc. to Contact Brower Piven Before the Lead Plaintiff Deadline in Class Action Lawsuit -- PIR

Published 3:32 PM ET Wed, 23 Sept 2015
Globe Newswire

STEVENSON, Md., Sept. 23, 2015 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of Texas on behalf of purchasers of Pier 1 Imports, Inc. (NYSE:PIR) (“Pier 1” or the “Company”) common stock during the period between December 19, 2013 and February 10, 2015, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until October 26, 2015 to seek appointment as lead plaintiff.

If you have suffered a loss from investment in Pier 1 common stock purchased on or after December 19, 2013 and held through the revelation of negative information during and/or at the end of the Class Period, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.

If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company common stock during the Class Period. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period the true state of the Company’s prospects and the lack of support for its financial guidance.

According to the complaint, following the Company’s February 10, 2015 announcement that it was reducing its financial guidance for the fiscal year ending February 28, 2015 because of softer than expected sales in January and February 2015 and “unplanned” expenses, primarily related to incremental supply chain costs, and disclosing the “retirement” of its CFO, the value of Pier 1 shares declined significantly.

Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.